Oil’s three-day rally ended as policymakers made clear they would continue tightening economic reins in the fight against inflation, reigniting fears of a global slowdown.
A record volume of swaps that traders use to hedge benchmark physical oil prices changed hands on Friday as prices jumped.
Market uncertainty grew with mixed signals on Russia and Iran, affecting oil demand forecasts.
Johan Castberg, the third field developed on Norway's side of the Barents Sea, will raise the Nordic country's oil production capacity by 220,000 bpd at peak.
Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up for the week ending March 28.
President Donald Trump said he was 'very angry' at Vladimir Putin.
